Chart of the Week
Through the first nine months of 2023, the S&P 500 is up 13%. Since 1989, the S&P 500 index (tracking the largest companies in the U.S.) was positive 27 out of 34 years. The average peak-to-trough decline during these years was 14%.
What We’re Reading
How will the auto worker strike impact the U.S. economy? – JPMorgan
Fewer Losers, or More Winners? – Howard Marks, Oaktree
Consumer Checkpoint: Not Such a Cruel Summer – B of A
How The Ryder Cup Became A $500 Million Event – Huddle Up
Podcast of the Week
Private Market Valuations – Capital Decanted
Last Week
The latest ISM manufacturing report showed new orders at the highest level since last November. Prices for the Core Personal Consumption Expenditures Index grew below average over the previous six months at a 3.0% annualized rate. This is still above the Fed’s target of 2.0% core inflation, though it is moving in the right direction. Home sales came up short, while durable goods orders outperformed.
The Week Ahead
Fortunately, the government avoided a shutdown, which would have had a side effect of no federal economic data releases. This coming week, updates on the services side of the economy and this Friday’s highly anticipated jobs report are on deck.
Thank you for reading.
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